Full question:
What can a husband and wife (residents of New York) do to protect vacation property real estate in New Hampshire from creditors since New Hampshire does not recognize tenants by entirety?
- Category: Real Property
- Date:
- State: New Hampshire
Answer:
One option is to place the property into a trust with a spendthrift provision. This provision can state that the beneficiary shall not have the authority to sell, mortgage, or encumber the real property during the trust's life. The beneficiary also cannot enter into any contracts regarding the property, except to lease it for a limited time, subject to trustee approval. Furthermore, neither the property nor its income will be liable for any debts incurred by the beneficiary during the trust's duration.
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